MIRA
INFORM REPORT
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Report Date : |
22.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
SOFAP LIMITED |
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Registered Office : |
DBM Industrial Zone, Coromandel |
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Country : |
Mauritius |
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Financials (as on) : |
30.09.2005 |
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Date of Incorporation : |
03.06.74 |
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Com. Reg. No.: |
2356 |
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Legal Form : |
Private |
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Line of Business : |
Manufacturer and distributor of paint and
allied coatings. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
NAME OF COMPANY
SOFAP LIMITED
ADDRESS
DBM INDUSTRIAL ZONE
COROMANDEL
TEL: (230) 233-2530
FAX: (230) 233-5465
EMAIL: sofap@sofap.mu
INCORPORATED
03.06.74
STATUS
Private
CO NO
2356
DIRECTORS
Mr. Jean Philippe COUVE DE MURVILLE
Mr. Philippe LEUNG WING HENG
Mr. Patrick Gerard FANUCCI
SHAREHOLDERS SHARES
CERENA LTD 50,000
ISSUED CAPITAL
RS 50,000,000
CHARGES
Total indebtedness as at 25.04.06 amounted to RS 44,084,000
ACTIVITIES
Manufacturer and distributor of paint and
allied coatings.
SIZE
Subject operates as follows:
(1) Offices/Manufacturing: DBM Industrial Zone, Coromandel
(2) Showroom: St Vincent de Paul
Avenue, Pailles
IMPORTS
Main sources are France, UK and South
Africa.
EMPLOYMENT
150 – 175
FINANCE (2005)
Revenue: MUR
311.4m
Profit: MUR
11.3m
EPS: MUR
22.77
BUSINESS ANTECEDANT
SOFAP is one of the largest paint and coatings
manufacturer in Mauritius promoting different brands on the local and export
markets. The company is a subsidiary of the Cerena Group, a diversified group
operating in the following sectors:
Agrochemical
Building &
Construction
Pharmaceutical
Consumer Goods
The company’s manufacturing facilities
consist of the latest laboratory facilities for quality control and holds the
ISO 9001: 2000 certification. The company has started marketing its products in
the region and in the Middle East. Subject is the accredited licensee of Akzo
Nobel (UK).
PRODUCT RANGE
Industrial Coatings
Wood Coatings
Adhesives
Sealants
Automotive Coatings & Lacquers
SOME BRANDS
Permoglaze
Proluxe
Permostik
RELATED CONCERN
Ospaf Ltd
OBSERVATION
Despite the difficult market conditions,
SOFAP realized a satisfactory trading performance during the financial year
ending 30th September 2005. Revenue reached to MUR 311.4m and Profit
for the year increased by 117%.
DEVELOPMENTS
The company’s management is committed to
improve operational efficiency and in this respect, investment has been made in
new technology such as automatic tinting machines for colour-paint dispensing
and the use of pocket PCs by the sales force for order-taking in the field.
It is reported that the company’s sales in 2006 has increased
appreciably.
CREDITWORTHINESS
Buyer is a reliable player in the paint manufacturing sector and nothing
detrimental has been reported in the company’s payment behaviour.
BANKERS
The Mauritius Commercial Bank Ltd
State Bank of Mauritius Ltd
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INCOME STATEMENT
FOR THE YEAR ENDED SEPTEMBER 30, 2005 |
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RS'000 |
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Total Revenue |
311,489 |
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Sales of goods and services |
309,661 |
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Cost of sales |
(231,217) |
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Gross Profit |
78,444 |
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Commission and other income |
1,828 |
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---------------------------- |
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80,272 |
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Selling & Administrative Expenses |
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Staff costs |
(24,440) |
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Depreciation |
(1,972) |
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Amortisation |
(265) |
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Other expenses |
(38,887) |
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(65,564) |
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Profit before finance cost |
14,708 |
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Finance cost |
(3,323) |
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Profit for the year |
11,385 |
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Earnings per share |
RS 22.77 |
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BALANCE SHEET -
SEPTEMBER 30, 2005 |
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RS'000 |
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ASSETS EMPLOYED |
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NON CURRENT ASSETS |
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Property, plant and equipment |
17,346 |
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Intangible assets |
2,788 |
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20,134 |
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CURRENT ASSETS |
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Inventories |
102,006 |
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Trade and other receivables |
44,662 |
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Cash in hand and at bank |
5,830 |
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152,498 |
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Total Assets |
172,632 |
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EQUITY AND LIABILITIES |
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Capital & Reserves |
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Share Capital |
50,000 |
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Revenue deficit |
(68,688) |
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(18,688) |
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NON CURRENT LIABILITIES |
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Borrowings |
77,285 |
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Retirement benefit obligations |
2,999 |
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80,284 |
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CURRENT LIABILITIES |
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Borrowings |
45,487 |
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Trade and other payables |
65,549 |
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111,036 |
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Total equity and liabilities |
172,632 |
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RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)